In this article, we will take a look at the 16 biggest gig economy companies in the world by market cap. If you want to see more of the biggest gig economy companies by market cap, go directly to the 5 Biggest Gig Economy Companies In The World.
Digital platforms that enable freelancers to interact with potential clients for contract work, short-term jobs, or asset-sharing are frequently referred to as the “gig economy”.
Because of COVID-19 pandemic, the number of independent contractors and freelancers, also known as gig workers, has increased dramatically in recent years, with an estimated 30 million Americans already relying on gig work as their main source of income. Many US businesses became more dependent on independent employees as a part of their essential workforce after COVID-19 struck. As American employees look for non-traditional employment opportunities that can provide greater flexibility and a healthier lifestyle, the trend toward a rise in the gig economy is projected to continue.
Bank of America combed through its clientele to find some intriguing numbers on gig economy and its status. As reported by Bloomberg, as of August 2022, 3.3% of BofA customers earned money through gig platforms, which is triple what it was in 2017. Gig workers tend to be younger, with 3.9% of Gen Zers and 4.7% of Millennials, respectively.
Some of the most notable gig economy companies in our list of 16 biggest gig economy companies in the world include Shopify Inc. (NYSE:SHOP), Uber Technologies, Inc. (NYSE:UBER), and Airbnb, Inc. (NASDAQ:ABNB), among others.
Photo by Peggy Anke on Unsplash
Our Methodology
We selected the biggest companies that provide a platform to connect consumers and service providers. These platforms can be used to sell one’s services or products online or through other digital channels. We also picked companies whose primary products are used by tech entrepreneurs, the key players in the gig economy. We have ranked these companies based on their market cap.
Biggest Gig Economy Companies In The World
16. Talkspace, Inc. (NASDAQ:TALK)
Market Capitalization as of November 3, 2022: $0.106 billion
Talkspace, Inc. is based in New York. Talkspace, Inc. runs a virtual behavioral healthcare business through secure web and mobile platforms. The users can interact live with their therapists via text, voice, or video chat. The business provides psychiatry, adolescent, individual, or couples therapy, among other forms of treatment, to meet every need. Talkspace users have access to licensed therapists through the website or mobile app on iOS and Android. Talkspace is one of the pioneers in the field of online therapy but since going public in 2021, its performance has been subpar. Talkspace, Inc. (NASDAQ:TALK) recently received, but declined, an approach from American Well (AMWL). Talkspace rejected American Well’s expression of interest before any numbers were discussed.
15. Bird Global, Inc. (NYSE:BRDS)
Market Capitalization as of November 3, 2022: $0.123 billion
Miami, Florida, serves as the corporate headquarters of Bird Global, Inc. Bird Global, Inc. (NYSE:BRDS), a micro-mobility business, offers electric short-distance transportation options. E-scooters and e-bikes are among its available shared vehicles. The company sells vehicles to distributors, retailers, and direct clients and provides a fleet of shared micro-electric cars to bird.co users. By making lightweight electric vehicles easily available for rental or ownership, Bird Global, Inc. (NYSE:BRDS) proprietary technology and business practices are disrupting the status quo in the transportation industry. Riders can quickly and easily take themselves to work, a nearby company, or any other location in their neighborhood with the push of a button.
14. Rover Group, Inc. (NASDAQ:ROVR)
Market Capitalization as of November 3, 2022: $0.802 billion
Rover Group, Inc. (NASDAQ:ROVR) runs a global online pet care market. It is the world’s largest online marketplace for pet care. Like other gig economy companies, Rover Group, Inc. (NASDAQ:ROVR) provides a linkage between service providers and end users. It links pet owners with service providers who provide daytime services like dog daycare, dog walking, drop-in visits, grooming, and training, as well as overnight services like boarding and in-home pet sitting. The business’s main office is in Seattle, Washington.
On August 9, Gordon Haskett analyst Robert Mollins downgraded Rover Group, Inc. (NASDAQ:ROVR) to Hold from Buy with a price target of $3.50, down from $5.50. Just like Shopify Inc. (NYSE:SHOP), Uber Technologies, Inc. (NYSE:UBER), and Airbnb, Inc. (NASDAQ:ABNB), Rover Group, Inc. (NASDAQ:ROVR) is one of the biggest gig economy companies in the world.
13. Angi Inc. (NASDAQ:ANGI)
Market Capitalization as of November 3, 2022: $1.08 billion
Angi Inc. (NASDAQ:ANGI) was incorporated in 2017 and is based in Denver, Colorado. Angi Inc. (NASDAQ:ANGI) operates the largest online marketplace for home services in the US. Angi Inc. (NASDAQ:ANGI) operates in the same fashion as Rover Group, Inc. (NASDAQ:ROVR) and other gig economy businesses. It connects home service professionals with consumers in the United States and internationally. Its Angi Ads business connects consumers with service professionals for local services through the Angi nationwide online directory of service professionals in various service categories. The company also owns and operates Angi Leads digital marketplace service that connects consumers with service professionals for home repair, maintenance, and improvement projects. As of December 31, 2021, it had a network of approximately 206,000 transacting service professionals and approximately 38,000 advertising service professionals.
12. Fiverr International Ltd. (NYSE:FVRR)
Market Capitalization as of November 3, 2022: $1.15 billion
Fiverr International Ltd. (NYSE:FVRR) was incorporated in 2010 and is based in Tel Aviv-Yafo, Israel. Fiverr International Ltd. (NYSE:FVRR) operates an online marketplace worldwide. The company’s platform includes approximately 550 categories in nine verticals, including graphic and design, digital marketing, writing and translation, video and animation, music and audio, programming and technology, business, data, and lifestyle. It also offers Fiverr Workspace, which provides freelancers with a software solution to manage invoicing, contracts, time tracking, and organizing workflow.
Each sale made by a freelancer on Fiverr’s marketplace results in a commission payment. Additionally, it provides both buyers and sellers on the marketplace with several subscription alternatives. There is little doubt that Fiverr International Ltd. (NYSE:FVRR) userbase will increase during 2022 and beyond due to the growing gig economy and freelancing trend. On August 5, Needham analyst Bernie McTernan raised his price target on Fiverr International Ltd. (NYSE:FVRR) to $50 from $40 and kept a Buy rating on the shares after its Q2 earnings beat.
11. Upwork Inc. (NASDAQ:UPWK)
Market Capitalization as of November 3, 2022: $1.77 billion
Upwork Inc. (NASDAQ:UPWK) was incorporated in 2013 and is located in San Francisco, California. Upwork Inc. (NASDAQ:UPWK), together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. Upwork Inc. (NASDAQ:UPWK) work marketplace provides access to talent with various skills across various categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.
As it explores new gigs and regions, Upwork Inc. (NASDAQ:UPWK) is rapidly expanding. As a result, the site is seeing an increase in clients who are, on average, spending more money. On October 27, RBC Capital analyst Brad Erickson lowered his price target on Upwork Inc. (NASDAQ:UPWK) to $15 from $21 and kept a Sector Perform rating on the shares. According to the analyst’s research note to investors, the company’s Q3 results were “mixed” because macro headwinds and execution issues are still present.
10. Lyft, Inc. (NASDAQ:LYFT)
Market Capitalization as of November 3, 2022: $5.16 billion
Lyft, Inc. (NASDAQ:LYFT) was incorporated in 2007 and is based in San Francisco, California. Lyft, Inc. (NASDAQ:LYFT) operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. Lyft, Inc. (NASDAQ:LYFT) operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility options. It provides Ridesharing Marketplace, which connects drivers with riders; Express Drive, a flexible car rentals program for drivers; Lyft Rentals, which provides vehicles for long-distance trips; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips. Lyft, Inc. (NASDAQ:LYFT) is a competitor of Uber. As compared to Uber, Lyft, Inc. (NASDAQ:LYFT) is growing in popularity in key cities around the US and often charges less than conventional taxi companies. According to Statista, Lyft, Inc. (NASDAQ:LYFT) was expected to have a 31% market share in the US by the end of 2021, a number that is increasing, capturing Uber’s market share, which is declining.
On November 4, Credit Suisse analyst Stephen Ju lowered his price target on Lyft, Inc. (NASDAQ:LYFT) to $35 from $46 and kept an Outperform rating on the shares ahead of the Q3 earnings report on November 7. Ju informs investors in a research note that the U.S. rideshare recovery has been uneven, with the West Coast lagging much of the country. The firm’s Rides projection now implies a slower return to the 2019 cadence.
09. Grab Holdings Limited (NASDAQ:GRAB)
Market Capitalization as of November 3, 2022: $10.01 billion
Grab Holdings Limited (NASDAQ:GRAB) is the largest ride-sharing and grocery delivery company in Southeast Asia. It provides super apps that allow access to mobility, delivery, financial services, and enterprise offerings through its mobile application in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Grab Holdings Limited (NASDAQ:GRAB) is based in Singapore. On October 10, Barclays analyst Jiong Shao began coverage of Grab Holdings Limited (NASDAQ:GRAB) with an Equal Weight rating and a $3 price target. As a category leader in food delivery and ride-hailing in Southeast Asia, Grab Holdings Limited (NASDAQ:GRAB) has a “very strong competitive position,” Shao tells investors in a research note. The question is whether these businesses “can thrive longer term in the region,” says the analyst.
Alongwith Shopify Inc. (NYSE:SHOP), Uber Technologies, Inc. (NYSE:UBER), and Airbnb, Inc. (NASDAQ:ABNB), Grab Holdings Limited (NASDAQ:GRAB) is one of the biggest gig economy companies in the world.
08. Etsy, Inc. (NASDAQ:ETSY)
Market Capitalization as of November 3, 2022: $11.89 billion
Etsy, Inc. (NASDAQ:ETSY), the online marketplace, has been a large player in the gig economy for the past 17 years. Etsy, Inc. (NASDAQ:ETSY) was founded in 2005 and is based in Brooklyn, New York. Etsy, Inc. (NASDAQ:ETSY) operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. Its primary marketplace is Etsy.com which connects artisans and entrepreneurs with various consumers. Etsy, Inc. (NASDAQ:ETSY) also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.
On November 3, Deutsche Bank analyst Lee Horowitz raised his price target on Etsy, Inc. (NASDAQ:ETSY) to $95 from $85 and kept a Hold rating on the shares. The company posted better than expected sales and a meaningful beat on EBITDA and margins in Q3, Horowitz tells investors in a research note
07. DoorDash, Inc. (NYSE:DASH)
Market Capitalization as of November 3, 2022: $16.81 billion
DoorDash, Inc. (NYSE:DASH) was incorporated in 2013 and is headquartered in San Francisco, California. DoorDash, Inc. (NYSE:DASH) operates a logistics platform that connects merchants, consumers, and dashers in the United States and internationally. It operates DoorDash marketplace, which provides an array of services that enable merchants to solve mission-critical challenges, such as customer acquisition, delivery, insights and analytics, merchandising, payment processing, and customer support; and offers DoorDash Drive, a white-label logistics service; DoorDash Storefront that enables merchants to offer consumers on-demand access to e-commerce.
On November 4, Citi analyst Ronald Josey lowered his price target on DoorDash, Inc. (NYSE:DASH) to $100 from $129 and kept a Buy rating on the shares post the Q3 results. Although the company’s demand is holding up, the analyst says he lowered the target to account for market volatility. According to Josey in a research note to investors, DoorDash, Inc. (NYSE:DASH) is continuing the mix shift from products to services and is not experiencing the effects of a deteriorating macro.
06. Block, Inc. (NYSE:SQ)
Market Capitalization as of November 3, 2022: $35.83 billion
Block, Inc. (NYSE:SQ) was incorporated in 2009 and is based in San Francisco, California. Block, Inc. (NYSE:SQ), together with its subsidiaries, creates tools that enable sellers to accept card payments and provides reporting and analytics, and next-day settlement.
On November 4, BTIG analyst Mark Palmer lowered his price target on Block, Inc. (NYSE:SQ) to $100 from $175 but kept a Buy rating on the shares after its Q3 results. Given the challenging economic environment, the success of the company’s Cash App business was “resilient,” the analyst writes in a research note to investors. Palmer continues, however, that given the uncertain macroeconomic environment, he is still concerned about CashApp inflows per transactional user.
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Disclosure: None. 16 Biggest Gig Economy Companies In The World is originally published on Insider Monkey.